Oppenheimer Boosts Price Target For Apple Inc; Gives Bullish Outlook On Product Cycle
In a research note published Tuesday, Oppenheimer analyst Andrew Uerkwitz maintained an Outperform rating on Apple Inc. (NASDAQ:AAPL) and raised the price target to $155 (from $130), which represents a potential upside of 20% from where the stock is currently trading.
Uerkwitz noted, “We are very optimistic on the Watch’s market potential and see it as an object of utility, affection, and luxury that represents the next step in our “mobile first” future. We also raise our price target and financial estimates for Apple based on a more bullish outlook on its product cycle.”
Furthermore, “Our revised estimates are driven by higher revenue contribution from the iPhone and the Watch, margin improvement from better mix, and strong FY16 outlook in emerging markets. Our PT of $155 is based on 13x FY16 EPS of $9.76 plus $25 net cash.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Andrew Uerkwitz has a total average return of 3.2% and a 54.3% success rate. Uerkwitz has a 22.6% average return when recommending AAPL, and is ranked #1284 out of 3497 analysts.